MPLX LP
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
MPLX$55.91-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001552000-25-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001552000-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 212 previous paragraphs and 188 current paragraphs.
121 unchanged; 42 reworded; 23 added; 49 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
•increased commodity price volatility and supply disruptions due to the U.S.-Iran conflict and market reactions thereto;
Current report
•the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned or recently completed acquisitions or other transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;
Current report
•compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and
Current report
•First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion
Current report
•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities
Current report
•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital in the three months ended March 31, 2026 via distributions and unit repurchases
Current report
Business and Economic Environment Update
Current report
Total revenues and other income decreased $86 million in the first quarter of 2026 compared to the first quarter of 2025 primarily due to:
Current report
•Decreased Product related revenue of $139 million primarily due to lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $119 million, $79 million due to the Rockies divestiture, $51 million due to a change in derivative valuation and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025. These decreases were partially offset by higher volumes in the Southwest of $142 million.
Current report
•Increased Rental income of $32 million primarily due to changes in the presentation of lease income between sales-type lease revenue, service revenue and rental income as a result of lease contract modifications, and annual fee escalations related to our refining logistics assets.
Current report
•Increased Service revenue of $28 million primarily due to crude oil and products logistics rate and fee increases of $40 million, contributions from recent acquisitions of $36 million, increased throughput and fee rates in the Marcellus of $30 million, partially offset by the Rockies divestiture of $44 million, decreased pipeline throughput of $29 million and the absence of a non-recurring benefit associated with a customer agreement in 2025 of $7 million.
Current report
•Increased Depreciation and amortization of $32 million primarily due to incremental depreciation associated with recent acquisitions, partially offset by a decrease due to the Rockies divestiture.
Current report
Net interest and other financial costs increased $62 million primarily due to increased borrowings in 2025 to fund acquisitions.
Current report
We classify our business in the following reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. Each of these segments is organized and managed based upon the product-based value chain each supports.
Current report
Segment Adjusted EBITDA decreased $42 million in the first quarter of 2026 compared to the same period of 2025. This decrease is primarily due to the absence of a $37 million non-recurring benefit associated with a customer agreement in 2025, $42 million due to the Rockies divestiture, $24 million due to lower NGL pricing and $11 million due to higher operating expenses, partially offset by impacts from equity method investments of $34 million and contributions from recent acquisitions of $35 million as well as increased volumes.
Current report
Cash Flows Used in Investing Activities -Net cash used in investing activities increased $190 million in the first three months of 2026 compared to the same period of 2025, primarily due to higher capital spending and higher cash contributions to equity method investments to fund current growth capital projects, partially offset by the acquisition of Whiptail Midstream in the first quarter of 2025.
Current report
Cash Flows Used in Financing Activities -Financing activities were a $1,187 million net use of cash in the first three months of 2026 compared to a $370 million net source of cash in the same period of 2025. The use of cash during the 2026 period was primarily driven by $1,143 million return of capital to unitholders as net debt borrowings were offset by net debt repayments. The source of cash during the 2025 period was primarily driven by proceeds from the issuance of $2.0 billion aggregate principal amount of senior notes, partially offset by the repayment of $500 million aggregate principal amount of senior notes and $1,078 million return of capital to unitholders.
Current report
On February 12, 2026, MPLX issued $1 billion aggregate principal amount of 5.300 percent senior notes due 2036 (the “2036 Senior Notes”) and $500 million aggregate principal amount of 6.100 percent senior notes due 2056 (the “2056 Senior Notes”) in an underwritten public offering. The 2036 Senior Notes were offered at a price to the public of 99.678% of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453% of par, with interest payable semi-annually in arrears, commencing on October 1, 2026.
Current report
In March 2026, MPLX used the proceeds from the 2036 Senior Notes and the 2056 Senior Notes to repay all of MPLX’s outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes at maturity.
Current report
On April 7, 2026, MPLX entered into a new revolving credit facility to replace the previously existing MPLX Credit Agreement, which was scheduled to expire July 2027. The new MPLX revolving credit facility is for a five-year term which will expire April 2031. MPLX’s total capacity under the new revolving credit facility increased from $2.0 billion to $2.5 billion and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million.
Current report
For 2026, we announced a capital outlook of $2.7 billion, net of reimbursements, and excluding potential acquisitions, if any, which includes growth capital of $2.4 billion and maintenance capital of $300 million. Our growth capital plans are focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian. The remainder of our capital plan targets the debottlenecking of existing assets to meet customer demand. We continuously evaluate our capital plan and make changes as conditions warrant.
Current report
Derivatives
Current report
We record all derivative instruments at fair value. Our derivatives primarily consist of an embedded derivative and related party derivative activity with MPC. Fair value estimation for all our derivative instruments is discussed in Item 1. Financial Statements – Note 10 and Note 11. Additional information about derivatives and their valuation may be found in Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Removed paragraphs (49)
Previous report
•Returned $1,075 million and $3,229 million of capital to unitholders in the three and nine months ended September 30, 2025, respectively, via distributions and unit repurchases.
Previous report
•Completed the acquisition of Northwind Delaware Holdings LLC (“Northwind Midstream”) in August 2025 for $2,413 million in cash (the “Northwind Midstream Acquisition”).
Previous report
•Completed the acquisition of the remaining 55 percent interest in BANGL, LLC (“BANGL”) in July 2025 for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029 (the “BANGL Acquisition”).
Previous report
•Entered into a definitive agreement in August 2025 to divest its Rockies gathering and processing operations to a subsidiary of Harvest Midstream for $1.0 billion in cash consideration, subject to customary purchase price adjustments.
Previous report
Current Economic Environment
Previous report
(1) Transaction-related costs include costs associated with acquisition and divestiture-related activities, including significant transactions discussed in Item 1. Financial Statements - Note 3.
Previous report
(2) Transaction-related costs include costs associated with acquisition and divestiture-related activities, including significant transactions discussed in Item 1. Financial Statements - Note 3.
Previous report
Total revenues and other income increased $647 million in the third quarter of 2025 compared to the third quarter of 2024 primarily due to:
Previous report
•Increased Service revenue of $69 million primarily due to $32 million of crude oil and products logistics tariff and other fee increases and $28 million from recent acquisitions.
Previous report
•Increased Product related revenue of $45 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $89 million, partially offset by lower NGL prices in the Southwest, Marcellus and Southern Appalachia.
Previous report
•Increased Gain on equity method investments of $484 million from the BANGL Acquisition in the third quarter of 2025.
Previous report
Net income attributable to MPLX increased $501 million in the first nine months of 2025 compared to the same period of 2024.
Previous report
Total revenues and other income increased $876 million in the first nine months of 2025 compared to the same period of 2024 primarily due to:
Previous report
•Increased Service revenue of $254 million primarily due to $96 million of crude oil and products logistics tariff and other fee increases and $61 million of higher pipeline throughput. Other increases in the first nine months of 2025 include $46 million from recent acquisitions and $11 million of additional marine equipment.
Previous report
•Increased Product related revenue of $249 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $255 million and a $27 million non-recurring benefit associated with a customer agreement.
Previous report
•Decreased Income from equity method investments of $89 million primarily driven by a $151 million gain in the 2024 period related to the dilution of our ownership interest in connection with the formation of a new joint venture to strategically combine the Whistler Pipeline and the Rio Bravo Pipeline project (the “Whistler Joint Venture Transaction”), partially offset by increased throughput and fee rates in certain processing and pipeline joint ventures and a $25 million gain in the first half of 2025 related to the formation of a new joint venture, Texas City Logistics LLC. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
•Decreased Other income of $15 million primarily due to higher insurance proceeds of $25 million received in the first nine months of 2024, partially offset by marine services rate increases.
Previous report
Total costs and expenses increased by $361 million in the first nine months of 2025 compared to the same period of 2024 primarily due to:
Previous report
•Decreased Cost of revenues of $6 million primarily due to lower NGL purchases in the Rockies of $57 million, which are now reflected in Purchased product costs due to changes in certain customer contracts, and $23 million of lower project-related spending, partially offset by higher net operating costs and repairs and maintenance costs of $57 million and the consolidation of recent acquisitions of $11 million.
Previous report
•Increased Purchased product costs of $236 million primarily due to higher NGL volumes in the Southwest of $191 million, higher NGL volumes in the Rockies of $46 million, which were previously recorded in Cost of revenues due to changes in certain customer contracts, and higher NGL prices in the Southwest of $16 million. The increases were partially offset by a decrease in the fair value of an embedded derivative in a natural gas purchase commitment of $14 million.
Previous report
•Increased Purchases - related parties of $72 million primarily due to $69 million of higher employee costs from MPC.
Previous report
In the fourth quarter of 2024, we renamed and modified the composition of our segments to better reflect the product-based value chains and growth strategy of MPLX’s operations. Certain prior period segment information has been recast for comparability.
Previous report
(1) The nine months ended September 30, 2024 includes a contribution of $92 million to a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects to fund our share of a debt repayment by the joint venture.
Previous report
Total segment revenues and other income increased $155 million the first nine months of 2025 compared to the same period of 2024. This was primarily driven by $108 million of rate increases, $63 million of increased pipeline throughput, $16 million from the March 2025 Whiptail Midstream acquisition and $11 million of additional marine equipment in operation, partially offset by lower insurance proceeds of $25 million. Income from equity method investments decreased $27 million the first nine months of 2025 compared to the same period of 2024, primarily driven by lower throughputs at certain equity method investments. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
Segment Adjusted EBITDA increased $120 million the first nine months of 2025 compared to the same period of 2024. The increase was driven by $108 million of rate increases, $63 million of increased pipeline throughput, $13 million from the March 2025 Whiptail Midstream acquisition and $11 million of additional marine equipment in operation. These increases were partially offset by higher operating costs of $33 million driven primarily by higher employee costs from MPC and increased energy costs as a result of higher throughputs, as well as lower distributions from equity method investments of $17 million and higher project related spending of $12 million. Additionally, the first nine months of 2025 reflects $25 million of lower insurance proceeds as compared to the first nine months of 2024.
Previous report
(2) Represents total at end of period.
Previous report
Segment Adjusted EBITDA increased $9 million in the third quarter of 2025 compared to the same period of 2024. This increase is primarily due to contributions from recent acquisitions of $37 million and higher throughput fee rates of $10 million, partially offset by lower volumes in the Rockies and Bakken of $12 million, higher operating costs of $11 million and lower NGL prices of $8 million.
Previous report
Total segment revenues and other income increased $721 million in the first nine months of 2025 compared to the same period of 2024 primarily due to the recognition of a $484 million gain from the BANGL Acquisition, $255 million of higher NGL sales volumes in the Southwest and Marcellus, a $34 million non-recurring benefit associated with a customer agreement and $30 million from recent acquisitions. These increases were partially offset by lower income from equity method investments of $62 million, primarily driven by a $151 million gain in the second quarter of 2024 related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.
Previous report
Additional impacts from equity method investments included increased throughput and fee rates in certain processing and pipeline joint ventures, a $25 million gain in the first nine months of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, and a $6 million benefit from the Utica Midstream Acquisition that was completed in the first quarter of 2024. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
Segment Adjusted EBITDA increased $91 million in the first nine months of 2025 compared to the same period of 2024. This increase is primarily due to $44 million of higher distributions and adjustments from equity method investments, $37 million in contributions from recent acquisitions, a $37 million non-recurring benefit associated with a customer agreement and $30 million of higher throughput fee rates, partially offset by higher operating costs of $34 million and lower volumes in the Rockies and Bakken of $27 million.
Previous report
(1) In May 2024, MPLX completed the Whistler Joint Venture Transaction, which resulted in the formation of a new entity, WPC Parent, LLC. Results include the equity method investment income of our interest in Whistler Pipeline, LLC, prior to the transaction date, and results of the equity method investment income of our ownership in WPC Parent, LLC, subsequent to the transaction date. The nine months ended September 30, 2024 includes a gain of $151 million related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.
Previous report
(2) Includes a $25 million gain in the first nine months of 2025 related to the formation of a new joint venture, Texas City Logistics LLC.
Previous report
(1) In May 2024, MPLX completed the Whistler Joint Venture Transaction, which resulted in the formation of a new entity, WPC Parent, LLC. Results include the equity method investment distributions and adjustments of our interest in Whistler Pipeline, LLC, prior to the transaction date, and results of the equity method investment distributions and adjustments of our ownership in WPC Parent, LLC, subsequent to the transaction date.
Previous report
Net cash used in investing activities increased $3,288 million in the first nine months of 2025 compared to the same period of 2024, primarily due to the acquisition of Northwind Midstream for $2,413 million, the purchase of the remaining 55 percent interest in BANGL for $703 million, the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline for $151 million, higher capital spending and a $134 million cash distribution received in the second quarter of 2024 in connection with the Whistler Joint Venture Transaction.
Previous report
Net cash provided by financing activities increased $2,014 million in the first nine months of 2025 compared to the same period of 2024, primarily driven by increased net debt borrowings of $2,448 million, partially offset by higher distributions to unitholders of $306 million as a result of the 12.5 percent increase in our quarterly distribution effective for the third quarter of 2024, and higher unit repurchases of $74 million.
Previous report
(2) The three and nine months ended September 30, 2025 include $703 million for the BANGL Acquisition, $2.4 billion for the Northwind Midstream Acquisition, a $49 million capital contribution to WPC Parent, LLC to purchase Enbridge's special membership interest in the Rio Bravo Pipeline project, and a $13 million payment related to an earnout associated with MXP Parent, LLC. The nine months ended September 30, 2025 also includes the Whiptail Midstream acquisition for $237 million and $151 million related to the acquisition of additional interest in the joint venture that owns and operates Matterhorn Express Pipeline. The three and nine months ended September 30, 2024 include $210 million and $18 million related to the acquisition of additional interests in BANGL and Wink to Webster Pipeline, LLC, respectively. The nine months ended September 30, 2024 also includes the Utica Midstream Acquisition for $625 million, a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction, and a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.
Previous report
The following table summarizes debt issuances during the nine months ended September 30, 2025, all of which were issued in an underwritten public offering:
Previous report
(1) On April 9, 2025, MPLX used $1.2 billion of the net proceeds from the issuance of senior notes in March 2025 to redeem all of (i) MPLX’s outstanding $1,189 million aggregate principal amount of 4.875 percent senior notes due June 2025 and (ii) MarkWest’s outstanding $11 million aggregate principal amount of 4.875 percent senior notes due June 2025. MPLX intends to use the remaining net proceeds for general partnership purposes.
Previous report
(2) We used a portion of the net proceeds from this offering to fund the Northwind Midstream Acquisition, including the payment of related fees and expenses, and to increase cash and cash equivalents following the recently completed BANGL Acquisition and BANGL debt repayment. We intend to use the remainder of the net proceeds from this offering for general partnership purposes, which may include capital expenditures and working capital.
Previous report
On February 18, 2025, MPLX repaid all of MPLX’s outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025 at maturity.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Reworded paragraphs (42)
Previous wording
This Quarterly Report on Form 10-Q, particularly Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 3. Quantitative and Qualitative Disclosures about Market Risk, includes forward-looking statements that are subject to risks, contingencies or uncertainties. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes.
Current wording
This Quarterly Report on Form 10-Q, particularly Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 3. Quantitative and Qualitative Disclosures about Market Risk, includes forward-looking statements that are subject to risks, contingencies or uncertainties. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “continue,” “could,” “design,” “drive,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes.
Previous wording
•general economic, political or regulatory developments, including the federal government shutdown, tariffs, inflation, interest rates, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;
Current wording
•general economic, political or regulatory developments, including tariffs, inflation, interest rates, government shutdowns, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;
Previous wording
•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto, including MPLX’s ability to successfully divest its Rockies gathering and processing operations (the “Rockies”);
Current wording
•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto,
Previous wording
•the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; and
Current wording
•the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions;
Previous wording
•our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG goals and targets within the expected timeframe, if at all.
Current wording
•our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframe, if at all.
Previous wording
Our Natural Gas and NGL Services segment gathers, processes and transports natural gas and transports, fractionates, stores and markets NGLs. NGL and natural gas prices are volatile and are impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond our control. Natural Gas and NGL Services segment profitability is affected by prevailing commodity prices primarily as a result of processing at our own or third-party processing plants, purchasing and selling or gathering and transporting volumes of natural gas at index-related prices and the cost of third-party transportation and fractionation services. To the extent that commodity prices influence the level of natural gas drilling by our producer customers, such prices also affect profitability.
Current wording
Our Natural Gas and NGL Services segment gathers, treats, processes and transports natural gas and transports, fractionates, stores and markets NGLs. NGL and natural gas prices are volatile and are impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond our control. Natural Gas and NGL Services segment profitability is affected by prevailing commodity prices primarily as a result of processing at our own or third-party processing plants, purchasing and selling or gathering and transporting volumes of natural gas at index-related prices and the cost of third-party transportation and fractionation services. To the extent that commodity prices influence the level of natural gas drilling by our producer customers, such prices also affect profitability.
Previous wording
•Announced a third quarter 2025 distribution of $1.0765 per common unit, representing a 12.5% increase over the prior quarter’s distribution.
Current wording
•Announced a first quarter 2026 distribution of $1.0765 per common unit
Previous wording
We continue to see production increases across our key operating regions. In the Marcellus and Utica, rig counts remain steady and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand will accelerate over the next few years to provide increased electricity generation required for data centers and overall electric grid demand. As demand for natural gas-powered electricity rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.
Current wording
We continue to see production increases across our key operating regions. In the Marcellus and Utica, rig counts remain steady and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand as a result of LNG facilities coming online in the Gulf Coast supporting international demand will accelerate over the next few years, as well as increased electricity generation required for data centers and overall electric grid demand. As demand rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, we believe MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.
Previous wording
(1) Represents Net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
Current wording
(1) Represents Net interest and other financial costs excluding gains and/or losses on extinguishment of debt and amortization of deferred financing costs.
Previous wording
Net income attributable to MPLX increased $508 million in the third quarter of 2025 compared to the third quarter of 2024.
Current wording
Net income attributable to MPLX decreased $214 million in the first quarter of 2026 compared to the first quarter of 2025.
Previous wording
•Increased Income from equity method investments of $37 million primarily driven by increased throughput and fee rates in certain processing and pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current wording
•Decreased Income from equity method investments of $4 million primarily due to the absence of a $25 million gain in the first quarter of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, partially offset by increased revenue and derivative gains in certain pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous wording
Total costs and expenses increased by $121 million in the third quarter of 2025 compared to the same period of 2024 primarily due to:
Current wording
Total costs and expenses increased by $66 million in the first quarter of 2026 compared to the same period of 2025 primarily due to:
Previous wording
•Decreased Cost of revenues of $9 million primarily due to lower NGL purchases in the Rockies of $29 million, which are now reflected in Purchased product costs due to changes in certain customer contracts, partially offset by $8 million of incremental operating costs as a result of recent acquisitions and $7 million of higher net operating costs and repairs and maintenance costs.
Current wording
•Increased Cost of revenues of $13 million primarily due to $36 million of higher net operating costs and repairs and maintenance costs and $25 million of incremental operating costs as a result of recent acquisitions, partially offset by $50 million due to the Rockies divestiture.
Previous wording
•Increased Purchased product costs of $90 million primarily due to higher NGL volumes in the Southwest of $80 million and higher NGL volumes in the Rockies of $23 million, which were previously recorded in Cost of revenues due to changes in certain customer contracts. The increase was partially offset by lower NGL prices in the Southwest of $10 million.
Current wording
•Increased Purchased product costs of $39 million primarily due to higher NGL volumes in the Southwest of $130 million and a change in derivative valuation of $9 million, partially offset by lower NGL prices in the Southwest of $100 million.
Previous wording
•Decreased Purchases - related parties of $6 million primarily due to $17 million of lower related party transportation costs as a result of the BANGL Acquisition, partially offset by increased costs from MPC.
Current wording
•Decreased Purchases - related parties of $22 million primarily due to the Rockies divestiture of $24 million and lower related party transportation costs of $21 million, partially offset by increased costs from MPC.
Previous wording
We classify our business in the following reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; (vii) transaction-related costs; and (viii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) are not tied to the operational performance of the segment.
Current wording
We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; (vii) transaction-related costs; and (viii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment.
Previous wording
The tables below present additional financial information about our reported segments for the three and nine months ended September 30, 2025 and September 30, 2024.
Current wording
The tables below present additional financial information about our reported segments for the three months ended March 31, 2026 and March 31, 2025.
Previous wording
Third Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Current wording
First Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Previous wording
Total segment revenues and other income increased $53 million in the third quarter of 2025 compared to the same period of 2024. This was primarily driven by $39 million of rate increases, $7 million from the March 2025 Whiptail Midstream acquisition and $3 million of additional marine equipment in operation.
Current wording
Total segment revenues and other income increased $28 million in the first quarter of 2026 compared to the same period of 2025. This was primarily driven by $57 million of rate and fee increases across all business units, partially offset by lower pipeline throughput of $29 million.
Previous wording
Segment Adjusted EBITDA increased $43 million in the third quarter of 2025 compared to the same period of 2024. The increase was driven by $39 million of rate increases, $6 million from the March 2025 Whiptail Midstream acquisition and $3 million of additional marine equipment in operation. These increases were partially offset by higher operating costs of $8 million driven primarily by higher employee costs from MPC and increased energy costs.
Current wording
Segment Adjusted EBITDA increased $14 million in the first quarter of 2026 compared to the same period of 2025. The increase was driven by $57 million of rate and fee increases across all business units, partially offset by lower pipeline throughput of $29 million and increased operating costs of $12 million driven primarily by higher employee costs from MPC.
Previous wording
Third Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Current wording
First Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Previous wording
Total segment revenues and other income increased $594 million in the third quarter of 2025 compared to the same period of 2024 primarily due to the recognition of a $484 million gain from the BANGL Acquisition. Revenues in the third quarter of 2025 benefited from $89 million of higher NGL sales volumes in the Southwest and Marcellus and $21 million from recent acquisitions, partially offset by lower NGL prices in the Southwest, Marcellus and Southern Appalachia. Income from equity method investments increased $36 million, primarily due to increased throughput and fee rates in certain processing and pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current wording
Total segment revenues and other income decreased $114 million in the first quarter of 2026 compared to the same period of 2025. Revenues in the first quarter of 2026 decreased $119 million due to lower NGL prices in the Southwest, Marcellus and Southern Appalachia, $123 million due to the Rockies divestiture, $51 million due to a change in derivative valuation and $34 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025. These decreases were partially offset by higher volumes in the Southwest of $142 million, contributions from recent acquisitions of $36 million and increased throughput and fee rates in the Marcellus of $30 million. Income from equity method investments decreased $10 million, primarily due to a $25 million gain in the first quarter of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, partially offset by increased revenue and derivative gains in certain pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous wording
(3) In addition to the amounts presented, Northwind Midstream treated volumes during the three and nine months ended September 30, 2025 were 36 MMcf/d and 12 MMcf/d, respectively.
Current wording
(3) In addition to the amounts presented Northwind Midstream treated volume during the three months ended March 31, 2026 was 152 MMcf/d.
Previous wording
(5) Purity ethane makes up approximately 279 mbpd and 246 mbpd of MPLX LP consolidated total fractionated products for the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately 267 mbpd and 258 mbpd of total fractionated products for the nine months ended September 30, 2025 and September 30, 2024, respectively. Purity ethane makes up approximately 300 mbpd and 262 mbpd of MPLX LP Operated total fractionated products for the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately 287 mbpd and 273 mbpd of total fractionated products for the nine months ended September 30, 2025 and September 30, 2024, respectively.
Current wording
(6) Purity ethane makes up approximately 249 mbpd and 271 mbpd of MPLX LP consolidated total fractionated products for the three months ended March 31, 2026 and March 31, 2025, respectively. Purity ethane makes up approximately 271 mbpd and 294 mbpd of MPLX LP Operated total fractionated products for the three months ended March 31, 2026 and March 31, 2025, respectively.
Previous wording
The following table presents MPLX’s income from equity method investments for the three and nine months ended September 30, 2025 and September 30, 2024:
Current wording
The following table presents MPLX’s income from equity method investments for the three months ended March 31, 2026 and March 31, 2025:
Previous wording
•Increased Gain on equity method investments of $464 million, primarily driven by a $484 million gain from the BANGL Acquisition, partially offset by a $20 million gain related to the acquisition of additional ownership interest in existing joint ventures and gathering assets in the Utica basin (the “Utica Midstream Acquisition”) in the 2024 period.
Current wording
(1) The three months ended March 31, 2025 includes a $25 million gain related to the formation of a new joint venture, Texas City Logistics LLC.
Previous wording
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three and nine months ended September 30, 2025 and September 30, 2024:
Current wording
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three months ended March 31, 2026 and March 31, 2025:
Previous wording
Our cash and cash equivalents were $1,765 million at September 30, 2025 and $1,519 million at December 31, 2024. The change in cash and cash equivalents was due to the factors discussed below. Net cash provided by (used in) operating activities, investing activities and financing activities were as follows:
Current wording
Our cash and cash equivalents were $1,506 million at March 31, 2026 and $2,137 million at December 31, 2025. The change in cash and cash equivalents was due to the factors discussed below. Net cash provided by (used in) operating activities, investing activities and financing activities were as follows:
Previous wording
Net cash provided by operating activities increased $142 million in the first nine months of 2025 compared to the same period of 2024, primarily due to improved results from operations and higher cash distributions from equity method investments.
Current wording
Cash Flows Provided by Operating Activities -Net cash provided by operating activities increased $101 million in the first three months of 2026 compared to the same period of 2025, primarily due to a $159 million lower working capital build and $49 million higher cash distributions from equity method investments during the 2026 period, partially offset by favorable results from operations during the 2025 period.
Previous wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three and nine months ended September 30, 2025 and September 30, 2024.
Current wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three months ended March 31, 2026 and March 31, 2025.
Previous wording
(1) Thethree months ended September 30, 2025 and September 30, 2024 include working capital builds of$40 million and $40 million, respectively. Thenine months ended September 30, 2025 and September 30, 2024 include working capital draws of$43 million and $55 million, respectively.
Current wording
(1) Thethree months ended March 31, 2026 and March 31, 2025 include working capital builds of $71 million and $230 million, respectively.
Previous wording
Our liquidity totaled $5.3 billion at September 30, 2025 consisting of:
Current wording
Our liquidity totaled $5.0 billion at March 31, 2026 consisting of:
Previous wording
We expect our ongoing sources of liquidity to include cash generated from operations, borrowings under our revolving credit facilities and access to capital markets. We believe that cash generated from these sources will be sufficient to meet our short-term and long-term funding requirements, including working capital requirements, capital expenditure requirements, contractual obligations, and quarterly cash distributions. Our material future obligations include interest on debt, payments of debt principal, purchase obligations including contracts to acquire property, plant and equipment, and our operating leases and service agreements. We may also, from time to time, repurchase our senior notes in the open market, in tender offers, in privately negotiated transactions or otherwise in such volumes, at market prices and upon such other terms as we deem appropriate and execute unit repurchases under our unit repurchase program.
Current wording
We expect our ongoing sources of liquidity to include cash generated from operations, borrowings under our revolving credit facilities and access to capital markets. We believe that cash generated from these sources will be sufficient to meet our short-term and long-term funding requirements, including working capital requirements, capital expenditure requirements, contractual obligations, and quarterly cash distributions. Our material future obligations include interest on debt, payments of debt principal, purchase obligations including contracts to acquire property, plant and equipment, and our operating leases and service agreements.
Previous wording
The MPLX Credit Agreement matures in July 2027 and contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type. As of September 30, 2025, we were in compliance with such covenants.
Current wording
The MPLX Credit Agreement was to mature in July 2027 and contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type. As of March 31, 2026, we were in compliance with such covenants.
Previous wording
As of September 30, 2025, we had $1.2 billion remaining under the unit repurchase authorizations.
Current wording
As of March 31, 2026, we had $1.1 billion remaining under the unit repurchase authorizations.
Previous wording
On October 28, 2025, MPLX declared a cash distribution for the third quarter of 2025, totaling $1,095 million, or $1.0765 per common unit. This distribution will be paid on November 14, 2025, to common unitholders of record on November 7, 2025. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Current wording
On April 28, 2026, MPLX declared a cash distribution for the first quarter of 2026, totaling $1,092 million, or $1.0765 per common unit. This distribution will be paid on May 15, 2026, to common unitholders of record on May 8, 2026. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Previous wording
The allocation of total cash distributions is as follows for the three and nine months ended September 30, 2025 and September 30, 2024. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
Current wording
The allocation of total cash distributions is as follows for the three months ended March 31, 2026 and March 31, 2025. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period for which the distributions relate as opposed to the quarter in which they were declared and paid.
Previous wording
Our operations are capital intensive, requiring investments to expand, upgrade, enhance or maintain existing operations and to meet environmental and operational regulations. Our capital requirements consist of growth capital expenditures and maintenance capital expenditures. Growth capital expenditures are those incurred for acquisitions or capital improvements that we expect will increase our operating capacity for volumes gathered, processed, transported or fractionated or decrease operating expenses within our facilities or increase income from operations over the long term. Examples of growth capital expenditures include costs to develop or acquire additional pipeline, terminal, processing or storage capacity. In general, growth capital includes costs that are expected to generate additional or new cash flow for MPLX. In contrast, maintenance capital expenditures are expenditures made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets and to extend their useful lives, or other capital expenditures that are incurred to maintain existing system volumes and related cash flows.
Current wording
Our operations are capital intensive, requiring investments to expand, upgrade, enhance or maintain existing operations and to meet environmental and operational regulations. Our capital requirements consist of growth capital expenditures and maintenance capital expenditures. Growth capital expenditures are those incurred for acquisitions or capital improvements that we expect will increase our operating capacity for volumes gathered, processed, transported or fractionated, decrease operating expenses within our facilities or increase income from operations over the long term. Examples of growth capital expenditures include costs to develop or acquire additional pipeline, terminal, processing or storage capacity. In general, growth capital includes costs that are expected to generate additional or new cash flow for MPLX. In contrast, maintenance capital expenditures are expenditures made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets and to extend their useful lives, or other capital expenditures that are incurred to maintain existing system volumes and related cash flows.
Previous wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the nine months ended September 30, 2025 exclude $151 million related to the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline, a $49 million capital contribution to WPC Parent, LLC to purchase Enbridge’s special membership interest in the Rio Bravo Pipeline project, and a $13 million payment related to earnout associated with MXP Parent, LLC. Investments in unconsolidated affiliates for the nine months ended September 30, 2024 exclude $210 million and $18 million related to the acquisition of additional interests in BANGL and Wink to Webster Pipeline LLC, respectively.
Current wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
Previous wording
(3) Total growth capital expenditures for the nine months ended September 30, 2025 and September 30, 2024 exclude acquisitions of $3,316 million and $622 million, net of cash acquired, respectively.
Current wording
(2) Total growth capital expenditures for the three months ended March 31, 2025 excludes acquisitions of$235 million, net of cash acquired.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(1) Other includes Southern Appalachia and Bakken Operations.
Current report — wording carried from elsewhere
We may also, from time to time, repurchase our senior notes in the open market, in tender offers, in privately negotiated transactions or otherwise in such volumes, at market prices and upon such other terms as we deem appropriate and execute unit repurchases under our unit repurchase program.